After Tottenham's attempt last week, it was expected the England midfielder would be soon moving to London.
However, on Saturday afternoon it was announced Gibbs-White had penned a new deal to 2028.
The Sun says Gibbs-White was persuaded to re-sign after a chat with Marinakis where the owner laid out his plans for the player and his ambitions for the club.
Marinakis sought out the player after arriving to see Forest's friendly against Fulham on Saturday. And in talks with Gibbs-White, he explained how he saw the midfielder at the heart of his plans for the club.
Marinakis said: "Morgan is a special player – not just in terms of talent, but character and mentality. He represents everything we want this football club to be: he is a winner, talented, ambitious, fearless, and proud.
“There was significant interest from various clubs, but we were determined to build our future with Morgan at the heart of it. I promised our fans we would not only compete, but grow stronger and stronger every season. Today is another big step in that journey."
Gibbs-White also stated: "I’ve felt at home at Forest from the moment I arrived. The support from the fans, my teammates, and everyone around the club has been unbelievable. I believe in what we're building here – and with the backing of Mr Marinakis and the enormous ambition he has, I want to be part of making something special. I’m excited for what’s to come."